"Calgary-based mobile app firm Poynt Corp. filed for creditor protection as a result of not being able to reach an agreement on a loan extension with its Toronto-based partner Intertainment Media Inc., ITBusiness.ca has learned.

Poynt develops a mobile app available across many platforms and trades under the PYN symbol on the TSX, filed a notice of intention under the bankruptcy and insolvency act at 12:29 AM ET on July 6. It is seeking creditor protection status so that its creditors will be stayed for a period of 30 days. The financial maneuvering came as the result of not being able to agree to terms on a $1.5 million loan with Intertainment, according to Poynt CEO Andrew Osis.

“We just needed a few more days and in exchange they wanted a lot more cash,” he says. “They were willing to, not for a pound of flesh, but for an entire body of flesh.”

At the same time Poynt filed for creditor protection, it announced that board member David Lucatch resigned from his position. Lucatch is also the CEO of Intertainment Media, and the loan issue resulted in a conflict of interest for Lucatch, who could no longer pursue the best interests of both companies."

It had always struck me as significant that DL, (as CEO) loaned Poynt 1.5 million just months before, and didn't see what was coming.